Bitcoin has now corrected 29% from its all-time high of $108,786 on Jan. 20 to a 2025 low of $76,784 during early trading in Asia on March 11.

Crypto investors and traders are panic selling again as sentiment turned sour, but this has all happened before in previous bull market cycles.

Crypto analysts ‘Rekt Capital’ looked at previous cycles, noting that the average BTC correction in 2017 was 35%, and in the 2021 cycle, it was 37%.

If it is to fall between these during this market cycle, prices could drop as low as $70,000.

Patience is Key

In late February, BitMEX co-founder Arthur Hayes predicted a fall to $70,000 as large hedge funds unwound their ETF positions to seek better yield opportunities.

“Be f***ing patient,” he said on March 10, reiterating that prediction that BTC would likely bottom around $70,000. A 36% correction from an all-time high is “very normal for a bull market,” he added.

He said that central banks would start adjusting their monetary policies, which is when markets will bounce back.

Capriole Fund founder Charles Edwards agreed with the notion saying, “As things get bearish, they also get more bullish,” before adding:

“The worse the economic data becomes, the more relatively discounted Bitcoin tends to get and the more likely we are to see Fed easing.”

“It can be wise to await a good technical recovery bounce or a key policy change instead of trying to catch falling knives,” he advised.

Recession Fears Loom

Recession fears have rattled investors who heavily sold off tech stocks and crypto assets on Monday.

The S&P 500, tech-heavy Nasdaq, and Dow Jones Industrial Average all fell heavily as the American “magnificent 7” shed more than $750 billion in market capitalization in one day amid the US stock rout.

Leading Wall Street banks such as JPMorgan have increased their odds of a recession in 2025 and decreased their predictions for GDP growth.

Ark Invest’s Cathie Wood said the “market is discounting the last leg of a rolling recession,” which will give the Trump administration and central bank “many more degrees of freedom than investors expect,” leading to a recovery in the second half of this year.

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